“After the story first aired our phones went quiet but after 7-10 days it came back to normal and I think will further grow,” says Graeme Moss, principal broker at Fair Mortgage Solutions in Hamilton, Ont. “What is fair to say is that from coast to coast, I have never heard of the issues we have had in Hamilton. I think the current story is isolated; there are pockets for sure out there, but this case is pretty unique.”
The most recent article in theHamilton Spectator concerning Dinesh Khanna – who has been charged with mortgage fraud by FSCO (Financial Services and Commissions Ontario) among other criminal offences from Hamilton Police, including sexual assault – does make for sensational headlines and does draw a lot of public attention, says Moss.
“In Hamilton, it is like a festering wound that has been dealt with. Better to clean the wound than to go on with the wound festering away,” Moss told MBN. “One broker can affect the reputation of the whole industry. When a Broker who does bad work is removed, that is a sign that the industry is strong and confident.”
Unwanted public attention, and unfortunately, the impact on the general public hearing the news may be that they have increased caution when looking to use a mortgage broker.
“Now more than ever, we as a profession need to step forward and promote the benefits of using a mortgage broker,” Moss told MBN. “Every industry can have bad apples – every industry. The public has seen the worst of us in headlines; now they need to see the best that the other 99% are.”
According to the Spectator story, so many complaints against Dennis (Dinesh) Khanna, 60, and Metro Financial Planning have poured in that FSCO has suspended his licence.
Khanna has dismissed the allegations and stated that he has asked for a hearing.
In addition to FSCO’s effort to revoke his Mortgage Broker‘s licence, Khanna has been charged with sexually assaulting a woman he met in the course of his business.
He did not return the Spectator’s call seeking comment about the criminal allegation.